The Formula One team Force India which is owned by the tainted Indian businessman Vijay Mallya is reportedly set to be sold to a British energy drink company for close to £200 million, according to a report in the Daily Mail.

Force India's Mexican driver Sergio Perez powers his car during the Formula One Mexican Grand Prix at the Hermanos Rodriguez circuit in Mexico City on October 29, 2017. (Image: AFP)

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The Formula One team Force India which is owned by the tainted Indian businessman Vijay Mallya is reportedly set to be sold to a British energy drink company for close to £200 million, according to a report in the Daily Mail.

The tam which has Sergio Perez of Mexico and France’s Esteban Ocon finished fourth in the previous season’s Constructors’ Championship, while the two drivers ended the year seventh and eighth respectively in the Drivers’ Championship.

The team is considered to be one of the best teams outside the traditional powerhouses in Ferrari, Mercedes and Red Bull.

However it is understood that the reason behind this decision is the lack of attention Mallya has been able to afford towards the team has reduced as he is fighting many a legal battle due to allegations of money laundering and extradition to India.

Force India on Thursday played down talk of a potential sale of the British-based Formula One team.

"Following recent media reports speculating on the sale of Force India Formula One Team Limited, the company’s shareholders wish to clarify that there is no offer from potential investors under consideration," the team said in a statement.

Rich Energy was founded by William Storey and the company already has a presence in the Formula One circuit, including a tie-up with the popular Monaco Grand Prix. It also supplies drinks for West Ham United Ladies and Hilton Hotels.

If the takeover is successful, it would make them just the second British-owned F1 team, joining nine-time champions Williams.